Revel Casino Continues To Disappoint In Atlantic City

The $2.4 Billion Property Still Ranks Eighth Of Twelve

Revel Casino, just one month removed from posting its first $20 million numbers, took a major step backward in September, bringing in just $16.9 million in gaming revenue. The $2.4 billion property, which opened in early April, has been a major disappointment to struggling Atlantic City, a once prosperous gambling destination that has fallen to the third largest gaming market in the country behind Las Vegas and Pennsylvania.

The city’s 12 casinos reported revenue of $276 million in September, which was a 6.3 percent decline from the same month in 2011 when only 11 casinos took in $295 million.

Revel, with its 47-story hotel tower, upscale restaurants, retail shops and spa, was supposed to bring in high-end clientele and allow the city to rebound from its current economic crisis. Instead, the beach-themed and completely smoke free casino, has yet to rank higher than eighth in the city.

New Jersey Gov. Chris Christie granted Revel $260 million from the state in February of 2011 in exchange for 20 percent of the casino’s revenue, a gamble that appears to be far from paying off. In August, Revel was forced to ask lenders for an additional $100 million to get the property through the rest of the year.

The Borgata continued to lead the city with revenue of $55.3 million in September, a drop of 5.9 percent when compared to last year’s numbers.

Atlantic City gaming revenue has been on the decline ever since posting its peak numbers of $5.217 billion in 2006. Casinos only brought in $3.317 billion in 2011 and are headed for an even lower number in 2012.

Comments

AC is ghetto dirty and dangerous. Revel is right on the boardwalk and the Boardwalk is a dangerous place to be now. The only casino making good money is the Borgata because they are away from it all and you don't have to worry about getting robbed or shot when you leave the casino.

Atlantic City does have an issue with crime that does prevent some people from going there. However, if the 12 casinos mentioned in the article made $276MM in revenues with the Borgata earning $55.3MM (20%) and the Revel earning $16.9MM (6%), the problem isn't just the crime. It's Revel's management team.

I just moved to NJ from CA and I haven't seen one billboard or advertisement for Revel. However, I have seen billboards and advertisements for the Borgata and the other casinos. The only time I read about Revel is on CardPlayer.com and in the newspaper.

Last month, the author, Julio Fernandez stated, “The property has made it a point to market itself as a resort first and a casino second, with upscale restaurants, retail shops, a spa and a 47-story hotel tower, the tallest building in the city.” If I wanted to go to a resort, it wouldn’t be in such a violent city. The image they are trying to portray is not congruent with its environment. The Revel needs to re-brand itself, bring in a new marketing team, and/or improve its operations (through efficiency).

While I agree with many of the previous comments about Atlantic City and the need for the city's revival, it seems the Revel can only control whats within its doors and it's having a hard time doing just that.

First they need to clean up the neighborhood.
2nd Clean up the beach whats the point of being on the beach if the beach is absolute filthy.
3rd clean up the casino from dirty chips to overall setting
4th add some more lights and security to the parking lot.

Maybe the revenue is not there because of the casinos that opened in nearby Pennsy, New York also loosen up machines a little and lower the stakes at the tables.But they want you to play @ 25$ blackjack
and the other table games they have.
There was no problem when AC was the only game in town.
As far as crime goes, you must be aware of your surroundings just like any other place where money is involved.
At the Revel you have a great ocean view, not looking out at other casinos on the strip.

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